[Asia Economy Reporter Lee Myunghwan] KG Chemical announced on the 13th that it has submitted a preliminary letter of intent to acquire Ssangyong Motor.
In response to the Korea Exchange's request for a disclosure regarding rumors of participation in the Ssangyong Motor acquisition, KG Chemical stated, "During the process of reviewing the acquisition of Ssangyong Motor, KG Group formed the KG Consortium, and on the 12th, submitted a preliminary letter of intent to the lead sales agent before the public announcement, with its affiliate KG Steel Holdings acting as the representative."
They added, "Going forward, this consortium is considering submitting this letter of intent when the court overseeing rehabilitation announces the M&A sales process, but as of now, no specific decisions have been made regarding the acquisition or the acquiring party," and "We will re-disclose the information either when specific details are finalized or within one month."
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